Concerns Arise Over Payday Loans From Dollar Financial Corp.
The Federal Deposit Insurance Corp. isn't happy. In examining the state of payday loans in Pennsylvania, the company has expressed concerns with certain practices.
Specifically, Dollar Financial said it has learned that the FDIC would like to meet with it regarding its dealings with payday advances. Located in Berwyn, Dollar is a leading international financial services company that offers a range of consumer financial products to its customers. This includes online payday loan offers.
Across the globe, Dollar operates 1,329 stores in 36 states, the District of Columbia, Canada and the United Kingdom that offer check-cashing, short-term customer loans, money orders and bill-payment and other services.
If the FDIC takes action that will decrease the company's CustomCash revenue, Dollar said, it will "pursue other alternatives to mitigate the potential future loss of revenue, including offering company-funded payday loans that are regulated under prevailing state laws to the affected customers."